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JP Morgan becomes first US bank to create cryptocurrency for payments business

JP Morgan becomes first US bank to create cryptocurrency for payments business

By Laura Mullan.Feb 15, 2019, 10:23AM

US investment bank, JP Morgan Chase, has become the first US bank to offer its own cryptocurrency, according to CNBC reports.

The New York-based bank moves more than $6trn around the world every day for corporations through its wholesale payment businesses.

Therefore, JP Morgan Chase imagines that the cryptocurrency could help to reduce risk and enable instant transfers

The cryptocurrency, called “JPM Coin”, will be tied to the US dollar in a bid to make it more financially stable than other cryptocurrencies. In short, a JPM coin will always have a value equivalent to one US dollar.